Unemployment benefit claims in the US down, according to data out today
May 23, 2024
The number of Americans filing new claims for unemployment benefits fell last week, pointing to underlying strength in the labor market that is expected to continue to support the economy.
A second weekly decline announced Thursday by the Labor Department reversed much of the jump earlier in the month, bringing claims to levels last seen at the end of August last year. Although job growth is slowing due to the cumulative effect of large Fed rate hikes in 2022 and 2023, layoffs remain very low.
